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The continuing implications of foreclosures failings

Posted by Mark Sands on January 4, 2011 at 10:42 in Opinions

Hi everyone!

It seems that as we start 2011, it remains unclear how exactly the foreclosures crisis in the US will play out.There has been a great deal said about the so-called "bad paper" that led many institutions to this point, but how exactly did we get here, and where does the buck stop?Casual attitudes may have played their part, but how long has this been the case, and where, exactly, did the failings lie that allowed these mortgages to be approved?Secondly, what can be the steps forward from here?

Are there any wholesale solutions or will banks have to examine each individual mortgage, and can they afford to do so?

Finally, is there a single direction that the finger of blame can point, and if so, will it ever become clear which direction that is?

Look forward to hearing your thoughts!

Happy new year!

 

Mark

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